Finding the best tenants for your properties

Owning and managing a range of properties can be very profitable. The rental market is big and growing and with the recent growth of the EU and a boom in immigration, the number of people looking to rent is set to rise.

As a landlord, you may find yourself dealing with tenants on a one-to-one and these encounters can be profitable. However, the probability of making an emotional decision is high with the end result being saddled with a bad tenant.

Recent research reveals that houses to rent are being snapped up much faster in recent years. Statistics from Countrywide show that properties listed are spending no more than 13 days in the market and in some cases and in particular areas of the country, within hours.

This is good news for landlords of course, but it also poses some challenges, so here is a list of actions to take when looking for tenants for your properties:

Check References
Don’t skip this important step. References are essential and they should be followed up instantly and should not be collected for mere collection sakes. A call to an employer or other referee will give a clearer picture of the prospective tenant that has applied.

Credit Check
A credit check is cheap nowadays and allows you to quickly see if the prospective tenant is likely to have payment problems in the future. Some tenants will not be happy to go through a credit check and you will need to use your discretion in these circumstances remembering that a refusal does not instantly mean that they cannot pay.

Always meet
It’s good practice to meet a prospect because it’s nearly impossible to make an informed decision without meeting them. If you leave far from the property, try to get a trusted person to meet them on your behalf. If you don’t click with the tenant, then they are probably not the right choice.

Use an application form
Be professional and use an application form to collect their details. This helps you to have all the necessary details to make an informed decision and this can save you a lot of time.

Consider an agency
With the help of an agency like Abode Lets to carry out the reference checks, application forms, credit checks, property management and so on, you can save a lot of time and make the process of getting good tenants a lot easier. An agency will have experience in all aspects of house rental and will remove the stress of finding tenants.

Contact Abode Lets on 01656 667606 to find out how we can help you get the best tenant for your property.

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